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http://hdl.handle.net/10419/50568
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| Title: | | International business cycle accounting  |
| Authors: | | Otsu, Keisuke |
| Issue Date: | | 2010 |
| Series/Report no.: | | School of Economics discussion papers 10,10 |
| Abstract: | | In this paper, I extend the business cycle accounting method a la Chari, Kehoe and McGrattan (2007) to a two-country international business cycle model and quantify the effect of the disturbances in relevant markets on the business cycle correlation between Japan and the US over the 1980-2008 period. I find that disturbances in the labor market and production efficiency are important in accounting for the recent increase in the cross-country output correlation. Financial globalization can be the cause of the recent increase in cross-country output correlation if it operated through an increase in the cross-country correlation of disturbances in the labor market and production efficiency, not in the domestic or international capital markets. |
| Subjects: | | business cycle accounting international business cycles financial globalization |
| JEL: | | E32 F41 |
| Document Type: | | Working Paper |
| Appears in Collections: | | School of Economics Discussion Papers, University of Kent
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